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<br /> <br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Housing and Redevelopment Authority 7.5 <br />Agenda Section Meeting Date Prepared by <br /> <br />General BusinessFebruary 2, 2015Jeremy Barnhart, Deputy Director, CODD <br />Item Description Reviewed by <br />Housing Tax Increment Financing (TIF) Policy <br />Reviewed by <br /> <br /> <br />Action Requested <br /> <br />Review the Tax Increment Financing <br /> <br />Background/Discussion <br /> <br />Tax Increment Financing is the process by which the incremental taxes generated by a project (the <br />difference between the tax value of the parcel before the project and the tax value of the parcel after the <br />project) are returned to the project owner. A critical component of TIF financing is the ‘but-for’ analysis. <br />In essence, but-for the assistance, the project would not occur. <br /> <br />In February, 2014, the HRA and City Council approved a new Housing TIF policy. This policy was <br />patterned after and incorporated into the City’s TIF policy framework. To date, the only application <br />received under this new policy was for Blackhawk Woods, where the application was withdrawn due to <br />lack of support by the HRA and Council. <br /> <br />It is appropriate to periodically review the policy, and the supporting score sheets, to ensure consistency <br />with HRA goals. <br /> <br /> <br />The HRA is invited to suggest changes to the policy. <br /> <br />Financial Impact <br /> <br />N/A <br /> <br />Attachments <br /> <br /> <br /> <br />TIF Policy <br /> <br /> <br />